🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Chile copper cathode shipments plagued by rough seas, shortage of containers

Published 11/02/2021, 09:47 am
Updated 11/02/2021, 09:48 am
© Reuters.
BHP
-
AAL
-
ANTO
-
HG
-
GLEN
-

By Fabian Cambero

SANTIAGO, Feb 10 (Reuters) - Rough seas and a shortage of containers have bogged down shipments of copper cathodes from Chile, the world's largest producer of the red metal, and may continue to slow exports, according to a senior mining executive and local industry analysts.

In January, Chile's top copper shipping port at Mejillones was largely shuttered as ocean swells hammered docking facilities, making it impossible to load ships. Exports of copper concentrate and cathodes, and inputs such as sulfuric acid have all been affected, the sources said.

A senior mining company executive familiar with the situation told Reuters that the seas had calmed and that concentrate shipments were back on track.

But the source and industry analysts said the container shortage was continuing to plague cathode shipments.

"Containers are still tight, and they are very expensive," said Juan Carlos Guajardo, executive director of the consulting firm Plusmining.

The container situation has driven up freight costs in the market and put pressure on copper processing premiums in Asia, analysts said.

World top copper miner Codelco said the storm surge and swell in January had nonetheless been the bigger impediment to timely shipments, and played down the container shortage.

"The lack of containers is a factor, but it is minimal," the miner said, adding that its shipments to North America do not use containers.

In January, Codelco told Reuters the slowdown due to bad weather had lasted longer than in years past, but said it had successfully adjusted delivery plans to meet customer needs. is home to several top miners, including BHP BHP.AX , Anglo American AAL.L , Glencore GLEN.L and Antofagasta Minerals. ANTO.L

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.